System and Method for Tracking Inventory

1. A computer-based method for tracking inventory, the method comprising: receiving information associated with a product, wherein the information comprises an on-hand inventory quantity of the product and a total sales quantity of the product for a designated period of time for an entity; determining whether the on-hand inventory quantity satisfies a first threshold and the total sales quantity of the product for the designated period of time satisfies a second threshold, the first threshold being at least one and the second threshold being zero, wherein the determination is performed by a processor; selecting the entity via the processor when it is determined that the on-hand inventory quantity satisfies the first threshold and the total sales quantity of the product for the designated period of time satisfies the second threshold; and sending a notification via the processor when the entity is selected, wherein the notification indicates at least one of possible product misplacement, possible product theft, and that the on-hand inventory quantity may be incorrect.

2. The method of claim 1 , further comprising sending the notification to at least one of the entity, a distribution facility associated with the entity, and a corporate office associated with the entity when the entity is selected.

3. The method of claim 1 , further comprising receiving information associated with the product for at least one other designated period of time for the entity, wherein if the entity is selected, sending the notification to at least one of the entity, a distribution facility associated with the entity, and a corporate office associated with the entity.

4. The method of claim 1 , wherein the entity is a plurality of entities and further comprising sending a summary of the selected entities of the plurality of entities to at least one of the plurality of entities, a distribution facility associated with the plurality of entities, a corporate office associated with the plurality of entities, and an associated supplier.

5. The method of claim 1 , further comprising receiving information associated with a competing product, wherein the information comprises an on-hand inventory quantity of the competing product and a total sales quantity of the competing product for a designated period of time for an entity, and further comprising determining whether the on-hand inventory quantity of the competing product is at least one and the total sales quantity of the competing product for the designated period of time is a low value.

6. The method of claim 5 , further comprising sending the notification to at least one of the entity, the distribution facility associated with the entity, the corporate office associated with the entity, and the associated supplier if it is determined that the on-hand inventory quantities of the product and the competing product are at least one and the total sales quantity of the product is zero and the total sales quantity of the competing product is the low value, wherein the notification indicates that a product type associated with the product and competing product is performing poorly.

7. The method of claim 1 , further comprising receiving at least one of a sales history associated with the product, a product type, and an entity identifier.

8. The method of claim 7 , further comprising determining the designated period of time based on at least one of the sales history, the product type, and the entity identifier via the processor.

9. The method of claim 1 , further comprising requesting the information associated with the product.

10. The method of claim 1 , further comprising generating a report comprising the selected entity.

11. The method of claim 10 , wherein the report comprises at least one of a date field, a product number field, an entity field, a vendor stock number field, a product description field, a quantity of entities field, a field indicating a quantity of entities with zero product on shelf, and a field indicating a quantity of entities having zero product on shelf and the on-hand inventory quantity as zero.

12. A computer-based system for tracking inventory, the system comprising: a processor configured to process, manage, and analyze data; and, a computing device operably coupled to the processor, wherein the computing device is associated with an entity, wherein the at least one processor is configured to: request information associated with a product from the computing device, wherein the information comprises an on-hand inventory quantity of the product and a total sales quantity of the product for a designated period of time for the entity; receive the requested information associated with the product from the computing device; determine whether the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero; and select the entity when it is determined that the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero; and send a notification to at least one of the computing device associated with the entity, a computing device associated with a distribution facility associated with the entity, and a computing device associated with a corporate office of the entity when the entity is selected, wherein the notification indicates at least one of possible product misplacement, possible product theft, and that the on-hand inventory quantity may be incorrect.

13. The system of claim 12 , further comprising at least one database operably coupled to the processor, wherein the at least one database is configured to store data.

14. The system of claim 13 , wherein the processor is configured to generate a report comprising the selected entity and transmit the report to the at least one database for storage.

15. The system of claim 14 , wherein the report comprises at least one of a date field, a product number field, an entity field, a vendor stock number field, a product description field, a quantity of entities field, a field indicating a quantity of entities with zero product on shelf, and a field indicating a quantity of entities having zero product on shelf and the on-hand inventory quantity as zero.

16. The system of claim 12 , wherein the processor is configured to receive information associated with the product for at least one other designated period of time from the computing device, wherein if the entity is selected, sending a notification to at least one of the computing device associated with the entity, a computing device associated with a distribution facility associated with the entity, and a computing device associated with a corporate office of the entity, wherein the notification indicates at least one of possible product misplacement, possible product theft, and that the on-hand inventory quantity may be incorrect.

17. The system of claim 12 , wherein the processor is configured to receive information associated with a competing product, wherein the information comprises an on-hand inventory quantity of the competing product and a total sales quantity of the competing product for a designated period of time for an entity, and wherein the processor is further configured to determine whether the on-hand inventory quantity of the competing product is at least one and the total sales quantity of the competing product for the designated period of time is a low value.

18. The system of claim 17 , wherein the processor is configured to send a notification to at least one of the computing device associated with the entity, a computing device associated with a distribution facility associated with the entity, a computing device associated with a corporate office of the entity, and a computing device associated with a supplier if it is determined that the on-hand inventory quantities of the product and the competing product are at least one and the total sales quantity of the product is zero and the total sales quantity of the competing product is the low value, wherein the notification indicates that a product type associated with the product and competing product is performing poorly.

19. The system of claim 12 , wherein the processor is configured to receive at least one of a sales history, a product type, and an entity identifier, wherein the processor is configured to determine the designated period of time based on at least one of the sales history, the product type, and the entity identifier.

20. A non-transitory computer-readable storage medium having stored therein computer-readable instructions, which, when loaded in and executed by a computer, causes the computer to perform the steps of: receiving information associated with a product, wherein the information comprises an on-hand inventory quantity of the product and a total sales quantity of the product for a designated period of time for an entity; determining whether the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero, wherein the determination is performed by a processor; and when it is determined that the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero, generating a report comprising the entity.

21. A computer-based method for tracking inventory, the method comprising: receiving information associated with a product, wherein the information comprises an on-hand inventory quantity of the product and a total sales quantity of the product for a designated period of time for an entity associated with the product; determining whether the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero, wherein the determination is performed by a processor; and when it is determined that the on-hand inventory quantity is at least one and the total sales quantity of the product for the designated period of time is zero, generating by the processor a notification indicating that the on-hand inventory quantity is incorrect.